Morgan Stanley Investment Management (MSIM) is proud to provide the latest issue of our flagship publication, the Morgan Stanley Investment Management Journal, which compiles the latest and best thinking of investment professionals throughout MSIM and Morgan Stanley. The Journal highlights the intellectual capital that we apply across markets, asset classes and styles. Each issue reflects MSIM's commitment to rigorous scholarship and innovative, proprietary investment processes.

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In this issue of the Journal:

Michael Kushma, Richard Class, and Philippe Kurzweil from the Global Fixed Income team examine the evolution of the global bond market over the last 25 years.

Stephen S. Roach, former Non-Executive Chairman of Morgan Stanley Asia, discusses how nothing is more important to the Chinese than stability, whether economic, social, or political.

Paul Mouchakkaa, Executive Director, Morgan Stanley Real Estate Investing, analyzes the background on the euro, the genesis of the sovereign debt crisis, the impact on the banking sector and possible implications for real estate investors.

Jerome B. Baesel, José F. González-Heres, Ping Chen and Steven S. Shin of Morgan Stanley Alternative Investment Partners investigate the effect of S&P 500 correlation on the performance of hedge funds.

Hank D'Alessandro and Fay Chen of Morgan Stanley Credit Partners provide an overview of mezzanine debt from both the borrower and the investor's perspective, including the benefits and trade-offs.

Martin Leibowitz and Anthony Bova discuss how it is important for investors and their boards to realize that typical portfolio diversification does not really provide protection against severe market declines.

Najmul Hasnain of the Saudi Equity team discusses the history of the Saudi Arabian stock market and highlights its compelling dynamics, while examining potential opportunities for investors.